Image by mohamed Hassan from Pixabay

As you move forward with your home purchase, your real estate agent may recommend that you have your home inspected. Sometimes the inspection is required by the lender or insurance company, but sometimes it’s an optional step. Buyers who have the option sometimes consider skipping the inspection to save a little cash. Before you say “no” to the inspection, consider these reasons that it may be an important safety measure to take.

1. The Ability to Walk Away

When buying a home, you want to be completely sure that you’re not buying a home with problems that will cost you thousands after closing. Making an offer contingent on the results of an inspection allows you to legally walk away from your purchase contract if the inspector finds a serious issue. Without an inspection and this contingency, your offer is legally binding, and walking away is a costly choice.

2. Ensure Your Home Is Safe

Home inspectors know how to find problems that aren’t clear to the naked eye. From electrical wiring problems to hidden mold or problems with the home’s structure, knowing about these issues will protect you from buying a home that’s not safe to live in.

3. Improve Your Negotiating Position

If the inspection finds something wrong with the home that will be costly to fix, you can still buy the home if you wish. Armed with the information from the inspection, you can ask the seller to make repairs or give you a different price to cover the problems found. For instance, if the roof is in need of major repair, you can make a new offer that requires the seller to make those repairs, or you can offer at a lower price, using the difference to cover the repairs. Your real estate agent will help you understand the requests that are reasonable as you craft a new offer.

4. Enjoy Peace of Mind

A home inspection gives you peace of mind that you are buying a quality home. When the inspector gives it a stamp of approval, you can know that you are unlikely to have serious surprises when you move in.

5. Find Pest Problems

You don’t want to move in only to discover termites or roaches in the home. Pests can often go undetected until a serious infestation is present, but an inspector knows how to find the hidden signs of pests. Finding pests doesn’t mean you need to avoid the home, but it does mean you should ask the seller for professional pest control measures before you close on the property.

An inspection is an important step when buying a home. The cost of the inspection is small in comparison to the peace of mind and protection it brings. Even if it’s not required, make sure you request an inspection on your next home purchase.

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In some instances, it may be beneficial to reject an offer to purchase your home. Because if a homebuying proposal fails to meet your expectations, you may want to wait for another offer to come your way.

Reviewing a homebuying proposal and determining whether to reject this offer can be tricky. But we’re here to help you evaluate an offer to purchase so you can decide the best course of action and feel confident about your choice.

Now, let’s take a look at three tips to help you assess an offer to purchase and determine whether to decline.

1. Review the Local Housing Market

The housing market in your city or town is a major factor in the property selling journey. If you’re selling your residence in a buyer’s market, you likely face steep competition to sell your house and maximize its value. Comparatively, if you’re operating in a seller’s market, there may be an abundance of buyers and a shortage of sellers in place.

Take a look at the prices of recently sold residences and how long these properties were listed before they sold. You may want to consider the prices of currently available houses in your area that are similar to your residence too. With this housing market data in hand, you can differentiate a buyer’s market from a seller’s one and take a data-driven approach to decide how to proceed with an offer to purchase.

2. Weigh Your Home’s Strengths and Weaknesses

You believe your home is great, but you also realize that your residence is far from perfect. As such, it often helps to weigh your residence’s strengths and weaknesses relative to an offer to purchase and proceed accordingly.

For example, if a homebuyer submits a competitive offer to purchase your home in spite of its exterior damage, you may want to accept this proposal. On the other hand, if a buyer submits a “lowball” offer on your recently upgraded house, you may want to decline this proposal.

3. Consult with a Real Estate Agent

If you’re unsure about whether to reject an offer to purchase, there is no need to worry. You can always hire a real estate agent, and this housing market professional can provide comprehensive support throughout the property selling journey.

A real estate agent is ready to help you in any way possible. If you need help listing your residence and promoting it to prospective buyers, a real estate agent can assist you. Or, if you want to find innovative ways to enhance your residence’s curb appeal, a real estate agent can provide home exterior upgrade recommendations.

Of course, a real estate agent will work with you to review any offer to purchase your house. You and your real estate agent together can discuss the pros and cons of a homebuying proposal and make a decision that corresponds to your house selling goals.

Take the guesswork out of reviewing an offer to purchase – use the aforementioned tips, and you can decide whether rejecting a homebuying proposal is the best option.

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